XN000022-1990-07-04 — Page 28

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WEDNESDAY, JULY 4, 1990

"IN ADDITION THE MOTION SEEKS TO MERGE THE TWO CATEGORIES OF STILL WINES INTO ONE, AND INCREASES THE DUTY ON TOBACCO BY ABOUT 25 PER CENT.

"THE TOTAL ADDITIONAL REVENUE FROM THESE MEASURES IS ESTIMATED TO BE APPROXIMATELY $1 BILLION PER ANNUM, HE SAID.

I+

UNDER THE MOTION, THE INCREASES ARE EFFECTIVE FROM MARCH 7 THIS YEAR.

ON THE SECOND MOTION UNDER THE RATING ORDINANCE, THE FINANCIAL SECRETARY SAID THE PURPOSE OF THE MOTION WAS TO INCREASE THE GENERAL RATES CHARGE BY 1.5 PERCENTAGE POINTS.

"THE URBAN COUNCIL AND REGIONAL COUNCIL RATES PERCENTAGE CHARGES WILL REMAIN UNALTERED BUT THE OVERALL RATES CHARGE WILL NOW BE 7.5 PER CENT, HE SAID.

HE SAID THE PROPOSAL WOULD HELP TO REDRESS THE DECLINE IN RATES REVENUE EXPRESSED AS A PROPORTION OF RENTAL VALUES IN RECENT YEARS. THE ADDITIONAL YIELD TO GENERAL REVENUE IN 1990-91 WAS ESTIMATED TO BE APPROXIMATELY $1.3 BILLION.

YEAR.

UNDER THE MOTION, THE INCREASE IS EFFECTIVE FROM APRIL 1 THIS

IN MOVING THE THIRD MOTION UNDER THE BETTING DUTY ORDINANCE, SIR PIERS SAID THE PURPOSE OF THE MOTION WAS ΤΟ INCREASE THE RATES CHARGEABLE ON BOTH STANDARD AND EXOTIC BETS BY ONE PERCENTAGE POINT TO 10.5 PER CENT AND 17 PER CENT RESPECTIVELY WITH EFFECT FROM SEPTEMBER 1 THIS YEAR.

"THE INCREASE IN DUTY WILL BE BORNE ENTIRELY BY THE ROYAL HONG KONG JOCKEY CLUB THROUGH A REDUCTION IN THE CLUB'S COMMISSION.

"ADDITIONAL REVENUE IS ESTIMATED TO BE $340 MILLION IN THE YEAR 1990-1991," HE SAID.

ALL THREE MOTIONS INVOLVED NO STAFFING IMPLICATIONS, HE ADDED.

SUMMARY OF CHANGES TO APPROVED ESTIMATES

ΤΟ A SUMMARY OF ALL CHANGES MADE

THE APPROVED ESTIMATES OF YEAR 1989-90 WAS EXPENDITURE FOR THE FINAL QUARTER OF THE FINANCIAL

THE FINANCIAL TABLED IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) BY SECRETARY, THE HON SIR PIERS JACOBS.

SIR PIERS SAID SUPPLEMENTARY PROVISION OF $3,876.9 MILLION

НАЯ

APPROVED.

/"THIS INCLUDED